Payment Network International (PNI) has been granted an Australian Financial Services Licence (AFSL). The milestone has arrived with great timing for PNI’s most recently launched brand, China Payment Services…

The move was made in direct response to demand for their unique online payment processing services within Australia.PNIis now authorised to provide non-cash payment (NCP)financial services to Australia.

Tony Trimboli Chairman of PNI, said, "The Australian Financial Services Licence compliments Payment Network International's existing business focus with the added benefit of opening up opportunities to the Australian eCommerce market".

The milestone has arrived with great timing for PNI's most recently launched brand, China Payment Services (CPS). The CPS group allows eCommerce operators to accept UnionPay card payments from Chinese customers in Renminbi and settle in their choice of currency, an option previously made challenging for international merchants. Given that there are more UnionPay cards on issue worldwide than other major cards, with most of these cards on issue in China, accepting online payments via the CPS payment gateway appears to be the next big move to be made by companies across Australia.